NAPEC Inc.
TSX : NPC

NAPEC Inc.

August 25, 2015 08:30 ET

NAPEC Inc. Announces US $33.7 Million in Contracts

DRUMMONDVILLE, QUEBEC--(Marketwired - Aug. 25, 2015) - NAPEC Inc. ("NAPEC" or the "Corporation") (TSX:NPC) today announced that its subsidiaries have been awarded several contracts for a total combined value of US $33.7 million.

First, Riggs Distler & Company, Inc., a U.S.-based subsidiary, has been awarded contracts worth an aggregate value of US $31.4 million or Cdn $41.9 million based on the current exchange rate, all of which will be carried out during the third and fourth quarters of Fiscal 2015. Below is a summary of these agreements:

  • Contract with a national Engineering, Procurement and Construction (EPC) company to install a 13MW solar array on existing landfill in New Jersey.
  • Contract with a major Mid-Atlantic refinery in Pennsylvania to install piping, equipment and Instrumentation and Electrical (I&E) systems.
  • Contract with a major Midwestern utility company in Illinois to rebuild some 20 miles of an existing 138kV line.
  • Contract with a major New England utility company to perform energized services and replace over 100 138kV structures in New York and Massachusetts.

Second, Ontario-based subsidiary Thirau Inc. has been awarded a two-year extension of an existing contract by an important distributor of electricity. The agreement represents a total value of Cdn $3.0 million (US $2.3 million) over two years. The contract extension began in July 2015.

"We are pleased by the fact that these contracts are repeat business from existing customers, which confirms the solid relationships and the quality of work of our subsidiaries across a diversified customer base in eastern United States and Canada. Some of these contracts also support our strategy to expand our market share in the growing renewable energy market. Finally, these contracts will have a short-term impact and contribute to results in the second half of the current fiscal year," said Pierre L. Gauthier, President and Chief Executive Officer of NAPEC.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements that reflect management's current expectations regarding future events. Forward-looking statements are based on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events.

OVERVIEW OF THE CORPORATION

NAPEC is a corporation operating in the energy sector. The Corporation is a leading service provider to the public utility and heavy industrial markets mainly in Quebec, Ontario and the eastern United States. NAPEC and its subsidiaries build and maintain electrical transmission and distribution grids, as well as networks for gas utilities. In addition, the Corporation installs gas-powered and electric-powered heavy equipment for utilities, gas-fired industrial power plants, and petrochemical facilities in North America.

Further information regarding NAPEC is available in the SEDAR database (www.sedar.com) and on the Corporation's website at www.napec.ca.

Source: NAPEC Inc.

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